Stock Trading Today 8-15-16 | $TSLA

Tesla Removes ‘Autopilot’ From China Website After Beijing Crash

SHANGHAI/SAN FRANCISCO — Tesla removed the word “autopilot” and a Chinese term for “self-driving” from its China website after a driver in Beijing who crashed in “autopilot” mode complained that the car maker overplayed the function’s capability and misled buyers.

The Tesla driver crashed earlier this month while on a Beijing commuter highway after the car failed to avoid a vehicle parked on the left side, partially in the roadway, damaging both cars but causing no injuries.

It was the first known such crash in China, though it follows a fatal accident in Florida earlier this year that put pressure on the auto executives and regulators to tighten rules for automated driving.

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On the Tape Today...

$BABA and JWN both profit taking game plans today on a higher open. Don't be the last to the party. (see chart)

$GS still in the tracking journal. A breakout above $165 with a target of $168. Plenty of room to go after $168.

$DG still bullish order flow but forming a head and shoulders top, neckline breakdown is $92.

$TSLA pennant/wedge the last ten days. Looking for a week of momentum here but not calling direction. In the watch list, let it tip it's hand before you enter.

$JWN 8-15-16 (Click to Enlarge)

stock trading today 8-15-16

$JWN 8-15-16

Technical analyst: Stocks have come through an ‘internal bear market

Market rally could now last nine months to a year

Martin Pring doesn’t feel bullish and doesn’t particularly want to be bullish, but he’s going to be until the market tells him otherwise.

Pring, a veteran technical analyst and the president of Pring Research, said on “MoneyLife with Chuck Jaffe” that indicators that had been bearish have become more positive despite the market not taking any sort of broad dive.

He described the market action as having come through something of an “internal bear market,” where the indexes trade in a band or range and avoid a big decline, but certain sectors and industries — most notably energy and mining —- behaved bearishly.

That trend has ended, Pring noted, and everything looks to be going up “in lockstep.”

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Stock Market Today: Heatmap of the S&P 500

stock trading today 8-15-16

$SPY Heatmap 8-15-16

Stocks to Trade 8-15-16 | $TSLA Update

The Key Challenge To Tesla’s Growth

Tesla’s increasingly ambitious plans to rule not only the electric vehicle space but also the solar energy space are likely to become more difficult to achieve over the next year. It has been widely reported in recent weeks that Tesla’s gigafactory is facing some challenges in becoming fully operational.

What is perhaps less well understood is the magnitude of the supply chain challenges that will face Tesla and its gigafactory.

Tesla’s goal is to produce 500,000 vehicles a year by 2018. The company has accelerated its production time table in large part due to the enormous amount of demand the company saw for its Model 3 sedan. The firm announced almost 375,000 preorders for the vehicle.


Stocks Trade Lower, But Planet Fitness, Others Soar On Earnings 

Stocks held on to modest declines going into the last hour of trading Friday, but investors cheered some healthy earnings reports, including a muscular effort from new issue Planet Fitness (PLNT).

Planet Fitness rose more than 10% to a new high. It broke out of a cup-with-handle base with a 19.72 buy point July 8 and had been moving mostly sideways since then.

It reported EPS of 17 cents compared to Wall Street estimates of 14 cents. Revenue rose 16% to $91.5 million from $79 million a year earlier.

Alibaba (BABA), which rose 5% Thursday after its earnings report, added another 6% on Friday. Raymond James, Brean Capital and Jefferies chimed in with positive comments before the open.

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Tape Reading the SPY ETF

$SPY weekly chart posting third consecutive indecision type candle (small body).

Inside day on Friday and near all-time highs. The trade is long. An inside day leads to a trend day, and a smart trader would expect it to be higher by reading the tape. 

The correct Game Plan is a breakout to new highs but we haven’t had profit taking in along time. Be careful about bidding if the $SPY is below the open. Force price action to be positive from the open. 

If the breakout is higher, you should plan to be aggressive long as long as the breakout holds. These levels can sucker a lot of weak money into the market, which could set the stage for a decent multi-day decline.

Be long, but be disciplined if price trades back into the range.

stock trading today 8-15-16

$SPY 8-15-16

Just like 1999? Three reasons this stock rally is different

All three main U.S. stock benchmarks are around record highs, but you’ve ain’t seen nothing yet when it comes to the strength of the American equity rally.

That’s according to Seeking Alpha blogger Macro Analyst, who says three key factors — an improving manufacturing sector, industrial strength and investment sentiment — are aligning at the moment, indicating the upbeat trading mood will continue and push stocks further into record territory.

“While most of [those indicators] pointed to an overvaluation of the market back in April, this time there’s a completely different picture. The market rally seems to have the strength to continue and there are not many reasons for it to stop,” Macro Analyst said in the post.

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stock trading today 8-15-16

Ddw Jones Industrial Average 8-15-16

Stocks to Trade 8-15-16 | Monday Edition

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: TWLO BABA, LN, ENDP, YELP, JUNO, RH, DKS

Negative last 20 and 5 trading days | closed 2% lower from the open: x, mos, nue

Quarterly Order Flow:


Bearish Stocks to Trade: luv, de, met, dal, nclh, bmy, gpor, gild, cf, prgo

2x Normal Volume: BABA, NVDA, JWN, LMT, KSS, LDOS, YELP

Inside days: vrx, m, wmt, gm, gild, kr, mrk, nke, cop, slw, vlo, gt, hd, tsm, ccl, celg, hes, tjx, kors, mdt, cvs, jnpr, axp, clr, dfs, utx, tsla, ups, avgo, gs,k, 

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